The ultimate beginner's guide to trading Dogecoin
Why Buy Dogecoin?
There are a bunch of good reasons to buy Dogecoin. Most of them have already been stated, but they bear repeating.
- The Dogecoin price is likely to rise. It’s a massively popular, growing cryptocurrency with real use cases.
- The Dogecoin price makes it a low-risk method for new crypto users to buy, sell, trade, and store coins.
- Dogecoin buy opportunities are many because it’s a strong currency that you can buy stuff with.
- Dogecoin is minable, but you can’t use expensive ASICs on it like with Bitcoin. Doge for all!
- It’s fun! Crypto gets so serious. Bring a little Wow into your life by becoming a part of the Dogecoin community.
- Buy some Dogecoin if you’re just learning about how crypto works because if you mess up you won’t lose much money!
- Buy Dogecoin for a future that can only be described as “UP”.
How to Buy Dogecoin
You can’t just buy Dogecoin with Paypal or buy Dogecoin with a credit card. You’ll have to first have Bitcoin
and transfer that to an exchange like Poloniex or Bittrex where most of the Dogecoin in the world is bought and sold.
Setting Up an Account With Bittrex So You Can Buy Dogecoin
Now that you have your Bitcoin, you’ll need to open an account with Bittrex, Poloniex, or one of the smaller exchanges out there right now. We’ll go with Bittrex because of its long history with Dogecoin (“very loyalty”).
Step 1: Go to Bittrex.com
and make an account just like you would with Facebook or Gmail or anybody else. Choose a unique username and password, then do the thing robots can’t do.
Step 2: Click the link in the verification email that Bittrex sends to you. This will link your email to your Bittrex account, which in turn will allow you to log in for the first time.
Step 3: Engage 2 Factor Authentication (2FA). This is another layer of security you can have on this important financial account. You’ll download a phone app which will display a new 6 digit code every 30 seconds. When you login to your Bittrex account to buy Dogecoin, you’ll have to input this code in addition to your password. Even if a hacker steals your password, they won’t have access to the code on your phone, so you are less likely to be hacked and have your precious Doge burgled.
Step 4: Go back to your email and click the link in the registration message you see there. This unlocks all basic trading functionality. You’re good to go. To the moon![/su_note]
How to Send Your Bitcoin to Bittrex So You Can Buy Dogecoin at the Low Low Dogecoin Price!
Step 1: Go to the “Wallets” section of your new Bittrex account. Here, click on the “+” sign beside the Bitcoin wallet, which will always be right near the top of the pile (Bittrex gives you 1 wallet for every
coin they support, not just the ones you own). The popup screen will show you an address. This is the address to which you will send all future Bitcoin to Bittrex. Copy the address and head over to the wallet that holds your Bitcoin. For this example, we’ll use the Exodus Wallet
Step 2: Select “Send Bitcoin”. This will bring up a screen that has a space for the address you just copied. Paste that bad boy. Next, select how much Bitcoin you want to send to your Bittrex Bitcoin address so you can make your first Dogecoin. We recommend “Much Bitcoin, Very Value”.
In a few minutes, the Bitcoin will arrive in your Bittrex account. From here you can buy any coin that Bittrex supports. But you’re not interested in just any coin. You’re hungry for the Doge and the Doge only. Next, we’ll show you how to buy Dogecoin to have and to hold.[/su_note]
How to Buy Dogecoin With Bitcoin on Bittrex
We can feel your excitement. It’s time to buy Dogecoin for real.
Step 1: At the top of the screen, click “B Markets”. Type “DOGE” into the text box. This will bring up the BTC/DOGE market link. Click it!
Step 2: In this screen, you can see a lot of information. You can see the chart that shows you how the Dogecoin price has grown in recent days. On the right you’ll see what the current highest Bid price (the highest price at which some trader is currently offering to buy 1 DOGE) and the lowest Ask price (the lowest price at which some trader is offering to sell 1 DOGE). At the bottom, you’ll see interfaces that will allow you to buy and sell Dogecoin.
In the “Bid” portion of the Buy Dogecoin trading interface, put in the price you would like to pay for 1 DOGE. You may want many more than 1 DOGE, but this system determines your price by learning how much you’d pay for one, then asking for how many you want. Above that, put in the number of DOGE you want to buy. If you just want to buy as much as you can with the Bitcoin you have, click “Max”. Now, at the bottom of the screen you’ll see what this order costs.
If you click “+ Boy Dogecoin”, your order will go out into the marketplace where Bittrex will try to pair your Bid with an open Ask. If you asked for a price right around the Dogecoin price that is currently displayed, your order will usually be completed in seconds. If you asked to buy Dogecoin at a lower price, hoping that the price would go down soon (much frugal!), your order will be filled if and when the market price falls to that point.
Other ways to get Dogecoin
Yes, now you know that you can buy Dogecoin with Bitcoin/Ethereum or some other cryptos. But, is there any other alternative to get DOGE other than using exchanges
? Fortunately, you’ll be able to get Dogecoin even for free! Check the choices below:
1. Get Dogecoin as a Tip or Gift
Dogecoin communities have been known to gift Dogecoin to new users.
2. Use a Dogecoin Faucet
are games of chance that award coins to users who get high scores. There are a number of Dogecoin faucets available today. You may not win many DOGE this way, but there’s always the chance you’ll win at least a little bit.
3. Mine Dogecoin
The Dogecoin mining community is active. Do your research online and you should be able to get started mining Dogecoin with minimal investment up front.
Dogecoin is a humorous altcoin, but it has real value as a decentralized, international currency. If you believe in the future of Dogecoin, consider becoming an investor today.
How to Send Your Dogecoin to the Dogecoin Wallet For Safekeeping
Dogecoin has some of the best wallets in all of crypto. Head on over to www.dogecoin.com/gettingstarted/ and download the wallet of your choice to your computer or phone.
Once it’s installed, open it up, follow the prompts, take note of any private keys or secret codes (these are the only way to regenerate your wallet if your phone dies or you lose your password!), and find your deposit address.
Copy this deposit address and go back over to Bittrex. Go into the “Wallets” section, and click “-” on the DOGE wallet for “withdraw”. Select how many DOGE you want to transfer, then click the transfer button.
The reason you want to do this is that coins kept on exchanges are vulnerable. Bittrex has had some major difficulties dealing with the overwhelming demand entering the crypto markets. This has led the site to have slow or limited functionality on certain occasions.
The other factor is hacking. There are plenty of thieves who would like to steal your Bittrex DOGE, and this has happened in the past. Keeping your DOGE in a personal wallet makes them much less of a target for thieves.
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